Aug. 13, 2002 — Contrary to popular stereotypes, `GenXers’ — those 52-million Americans born between 1967 and 1981 — are generally financially astute and regard themselves as well-prepared to weather and even benefit from the current financial downturn, according to a survey released by the MainStay division of New York Life Investment Management.
The survey reveals that GenXers began saving early, and consequently 69% expect their standard of living in retirement to be greater than their parents’. In the event of a job loss, GenXers estimate that they could financially support their families for an average of 10 months. Only 38% of those surveyed believe another dramatic downturn in the economy would have a meaningful effect on their lifestyle.
On average, said the report, the GenXers surveyed had a net worth of $117,000.